Suriname could be on the path toward oil production growth with news Jan. 7 from Apache Corp. and partner Total SA of a significant oil discovery off the country’s coast.

Analysts say the duo has cracked the code offshore the South American country next to Guyana, where the Exxon Mobil Corp.-led consortium has made 15 discoveries with estimated recoverable resources exceeding 6 billion barrels of oil equivalent. The Apache-operated Maka Central-1 well offshore Suriname tested for the presence of hydrocarbons in multiple stacked targets in the upper Cretaceous-aged Campanian and Santonian intervals and hit both oil and gas condensate, according to a news release.

Results of the closely-watched wildcat lifted shares of Apache, which like its peers has been negatively impacted by low oil and gas prices, by more than 26% in midday trading to $32.49.

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